Kaminsky says state is holding $16 billion in unclaimed funds

Matthew Ferremi by LI Herald

July 31, 2020

Originally published in Long Island Herald on July 31, 2020.

According to State Sen. Todd Kaminsky (D-Long Beach), the state is holding onto more than $16.5 billion in unclaimed funds owed to residents and local businesses.

Kaminsky is urging the residents to collect the unclaimed money being held. Banks, insurance companies, credit cards, and other entities are required to turn over dormant accounts to the state, which watches over the money until it is claimed. 

“During these tough times, I am committed to helping our neighbors get the money that the State owes,” Kaminsky said. “I urge residents and businesses to collect their unclaimed funds from the State and I stand ready to do all I can to help.”

In 2018, Senator Kaminsky’s office said they returned nearly $1 million owed to local residents in unclaimed funds. The largest claim was for more than $50,000 by a Valley Stream resident.

Residents and businesses can search to see if they have unclaimed funds at https://www.osc.state.ny.us/unclaimed-funds. Individuals who need assistance claiming their money can call Kaminsky’s office at (516) 766-8383 or email him at kaminsky@nysenate.gov.